Consumer electronics, such as mobile phones, tablets, and laptops, have become immensely popular these days. Until about a decade ago these items were considered a luxury and could only be afforded by the well-to-do class. However, now because of technological advancements, the situation has changed widely. The prices for products such as smartphones and laptops have come down considerably and a larger number of people can afford these devices. This increasing demand for consumer electronics is also leading to the high demand for lithium air battery.
Conventionally, consumer electronic devices and renewable energy sources have depended extensively in lithium-ion (Li-ion) batteries. But, these batteries do not possess the capacity to meet the surging daily demand, owing to their low theoretical capacity. It is because of this that the need for developing new conversion systems and energy storage systems that have higher efficiency and energy density has risen. This is led to a shift in the focus towards lithium-air batteries.
These batteries have ultrahigh theoretical energy density and therefore have become the most competitive option for replacing Li-ion batteries. Owing to such factors, the global lithium-air battery market is expected to advance at a considerable pace in the years to come. The development of new renewable energy projects and the surging sales of electric vehicles are projected to lead to the increasing demand for lithium-air batteries in the coming years.
There are different types of lithium-air batteries, namely mixed battery, aqueous battery, aprotic battery, and solid-state battery. Out of these, the demand for solid-state batteries is predicted to be considerably high in the coming years, as these batteries are incombustible and therefore, avoid the chances of explosions. Lithium-air energy storage solutions, however, are still in the developmental stage, which is why their restraints, proficiency, and cost are yet to be witnessed.
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The major application areas of lithium-air batteries are consumer electronics, industrial, and automotive. Out of these, the demand for lithium-air batteries has been significantly high in the automotive industry. The increasing demand for electric vehicles, majorly in North American and European counties, for taking care of surging environmental issues is the major reason for the rising demand for lithium-air batteries.
Geographically, Europe is predicted to emerge as a major lithium-air battery market in the coming years, owing to the fact that the region has a large-scale capacity addition of different renewable power projects, including solar power plants. In addition to this, the surging demand for electric vehicles and well established consumer electronics industry is also predicted to drive the demand for lithium-air batteries in the region in the coming years.
In conclusion, the market is being driven by the increasing sales of consumer electronics and rising demand for electric vehicles across the globe.
